With the recovery of delivery volume by car companies, the performance of Hesai Technology has improved.
Today (August 20th), Hesai Technology released unaudited financial data for the second quarter of 2024. Hesai Technology achieved a revenue of 460 million yuan in the second quarter, a year-on-year increase of 4.2%. The quarterly net loss was 72.1 million yuan, a year-on-year decrease of 3.1% and a month on month decrease of 32.6%.
Hesai Technology stated that the year-on-year growth was mainly attributed to the strong demand in China, which led to an increase in sales revenue of ADAS LiDAR products, but partially offset by a decline in revenue from the autonomous driving business.
The reporter from the Science and Technology Innovation Board Daily noticed that the gross profit margin of Hesai Technology has improved significantly and is significantly higher than its peers. The company's gross profit margin for the second quarter of 2024 was 45.1%, compared to 29.8% for the same period in 2023.
At the performance conference call, Li Yifan, co-founder and CEO of Hesai Technology, stated that the company's gross profit margin for the whole year is stable. Considering the high gross profit margin service revenue recorded in the second quarter, it is expected that the gross profit margin for the third and fourth quarters will be close to 40%.
According to the semi annual report, in the third quarter of 2024, Hesai Technology expects net revenue to be between 450 million yuan and 500 million yuan, a year-on-year increase of about 1.0% to 12.2%.
When asked when to achieve breakeven, Li Yifan said that under cost control and economies of scale, Hesai expects to approach profitability in the fourth quarter of 2024 and is optimistic about profitability in the second half of 2024.
According to the intelligent driving configuration database of Gaishi Automotive Research Institute, in June this year, the penetration rate of LiDAR for new energy vehicles priced over 150000 yuan has reached 22%. Hesai Technology mentioned that "the Chinese LiDAR market has reached an exciting turning point earlier than expected
In terms of shipment volume, in the first six months of 2024, the total global delivery of Hesai LiDAR was 145627 units, a year-on-year increase of 67.5%; Among them, the total global delivery of ADAS products was 133235 units, a year-on-year increase of 80.3%.
As of the second quarter of 2024, Hesai has established mass production partnerships with over 70 models from 19 domestic and foreign automobile manufacturers.
Specifically, in the overseas market, Hesai has reached cooperation agreements with four global leading automobile manufacturers, including three joint ventures with global leading international automobile manufacturers in China to establish fixed-point cooperation for laser radar production. The cooperation with a top international automotive brand for global production of vehicle models has entered an important verification stage of vector production transition.
At the same time, Hesai has also obtained two new Proof of Concept (POC) collaborations with leading global car manufacturers from Europe, including a well-known top sports car manufacturer.
In terms of the domestic market, in the first half of this year, the company released a new high-performance long-range laser radar ATX. Hesai Technology mentioned at the performance meeting that the ATX product has attracted the interest of domestic OEM manufacturers. By the second quarter, ATX has won orders from seven major OEM manufacturers. ATX is expected to start SOP from the first quarter of next year and achieve significant growth in 2026.
Hesai Technology mentioned that in recent quarters, it has successively won a batch of designated production sites for new car models to be released from 2025 onwards, and has locked in strong growth in orders for 2025 and 2026. Among them, Hesai has signed a designated agreement with a leading Chinese electric vehicle manufacturer to exclusively adopt Hesai's next-generation L3 ultra high definition ultra long range high-performance LiDAR on all its new models by 2025.
The reporter from the Science and Technology Innovation Board Daily noticed that Hesai Technology has accelerated its progress in Robotaxi. It is reported that in the L4 autonomous driving LiDAR market, Hesai maintains the top spot with a market share of up to 74%. Currently, Hesai has reached exclusive long-distance LiDAR supply partnerships with the top five Robotaxi companies in China.
According to the company's announcement, the main LiDAR on the sixth generation Baidu Apollo unmanned vehicle, which will be launched on the market this year, is exclusively supplied by Hesai. Each vehicle is equipped with four ultra high definition long-range LiDAR AT128, marking the first large-scale deployment of ADAS semi-solid LiDAR solutions on Robotaxi in China.
As Robotaxi manufacturers shift from smaller and more expensive mechanical radars to ADAS LiDAR, and domestic manufacturers gradually shift towards higher end L3 level development, the demand for LiDAR performance is becoming increasingly high. Therefore, in the coming years, the company's revenue and profits will continue to grow, "Hesai Technology said in a performance conference call.